The venture firm, which is widely known for writing the first cheque for Indian ecommerce major Flipkart, sold 10.5 million shares in the offer for sale. Its holding in Swiggy post-IPO stands at 4.03%.
Accel co-led Swiggy’s seed round in 2015 and also participated in subsequent funding rounds. “Swiggy’s growth has been extraordinary – from a few hundred orders to more than 2 million per day today,” Daniel said in a blog post.
“From displaying delivery partner locations and arrival times, to introducing photo menus, cloud kitchens and quick-commerce (ultra-fast grocery delivery, supported by a network of dark stores), Swiggy has focused on bringing convenience to customers,” he added.
Accel primarily invests in growing technological companies and has backed over 300 companies including Facebook, Slack and Dropbox.
Talking about Swiggy’s founder and chief executive Sriharsha Majety, Daniel said his focus on consumer satisfaction set him apart. “This (Swiggy’s) culture is magnetic, and has helped Harsha attract some of the best minds in the industry to Swiggy,” he said.
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ETtechHe also added that Swiggy encountered formidable obstacles, similar to every entrepreneurial journey. “Sriharsha Majety and his team’s perseverance when things get tough has made them stronger and more determined through every storm.”
Recalling the Covid pandemic, Daniel said Swiggy had become a “lifeline” for millions of Indians during the period, providing access to essentials while ensuring safety for delivery partners and restaurant operators. From ‘best safety standards’ badges awarded to restaurants to updating the delivery algorithm that minimized restaurant overcrowding to ensure social distancing for delivery partners, Swiggy has been quick to innovate, he said.
Daniel concluded by wishing Swiggy well for the road ahead: “While this marks a significant milestone, we know that Swiggy’s journey has only begun.”
